In a major setback for the Greater Ludhiana Area Development Authority (GLADA),only two plots were auctioned at its auction organised for 20 residential plots on Monday.
The auction got poor response from the residents as only 10 bidders participated in the auction. The plots were located in Sector 39,Samrala Road,and the base price of both the plots was kept at Rs 1.53 crore.
However,getting a hike of 15%,GLADA auctioned the plots for Rs 1.76 crore. Rakesh Popli,estate officer,GLADA,told Ludhiana Newsline,The bidding price was not as per our expectations. So we refused to auction the remaining plots at a low price. Re-auction will be scheduled soon for the 18 plots.
This is not for the first time that the GLADA auction has proved to be a failure.